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Information Frictions Financing and Growth The Impact of Firm Certification

This project will provide new knowledge on the mechanisms through which finance, and the relaxation of informational frictions for firms can promote economic growth. A big challenge in the field of corporate finance is to establis... ver más

30/11/2024

IMPERIAL COLLEGE O...

1M€

Presupuesto del proyecto: 1M€

Líder del proyecto

IMPERIAL COLLEGE OF SCIENCE TECHNOLOGY AND ME... No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

Ver 2 Participantes

Financiación concedida El organismo H2020 notifico la concesión del proyecto el día 2024-11-30

Línea de financiación objetivo El proyecto se financió a través de la siguiente ayuda:

ERC-2019-STG: ERC Starting Grant

I+D

Cerrada hace 6 años

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2 Participantes

IMPERIAL COLLEGE OF SCIENCE...

1.36M€ | Lider

DYNAGENT SOFTWARE

350.00K€ | Participante

Últimas noticias

30-11-2024: Cataluña Gestión For... Se ha cerrado la línea de ayuda pública: Gestión Forestal Sostenible para Inversiones Forestales Productivas para el organismo:

29-11-2024: IDAE En las últimas 48 horas el Organismo IDAE ha otorgado 4 concesiones

29-11-2024: ECE En las últimas 48 horas el Organismo ECE ha otorgado 2 concesiones

Duración del proyecto: 60 meses Fecha Inicio: 2019-11-18
Fecha Fin: 2024-11-30

Presupuesto del proyecto 1M€

Descripción del proyecto This project will provide new knowledge on the mechanisms through which finance, and the relaxation of informational frictions for firms can promote economic growth. A big challenge in the field of corporate finance is to establish causality, and cleanly identify the impact of frictions on corporate outcomes. I aim to transform the frontier of knowledge in my field by using state of the art methodology in finance and economics that allows inferring causality. I will exploit a public policy program of certification (rating) of firms that was introduced in Portugal in 2008 by a governmental agency as a laboratory to estimate the impact of informational and financial frictions on corporate performance. This program has unique features that permit a Multidimensional Regression Discontinuity Design to estimate the causal economic impact of firm certification, and access of firms to financing. I will investigate both in detail, and in a comprehensive approach the channels through which the links between informational frictions, access to financing and corporate growth operate. The richness of the data on Portuguese firms makes it possible to understand the role of productivity, investment, innovation, human capital (employment), and trade. Last, I will study externalities generated by firm certification on a broader network, which includes other firms in their supply chain but also financial institutions. This research has obvious and relevant policy implications for governments because it will measure the economic effects of relaxing financing constraints, and it will provide a better understanding of the channels through which financing and informational frictions operate to impact firm performance.

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